Lend Lease provide an update to the market on its business this week citing negative impacts to its retail property business. One of the most telling indicators of the pain that COVID19 is causing is in the interest (or lack thereof) in the sale of the Carindale Shopping Centre.
Lend Lease had attempted to sell a 50% interest in the Carindale Shopping Centre in January this year, held by the Australian Prime Property Fund (APPF). The sale was expected to deliver $850m to the Fund to assist the Group in meeting redemption requests from its investors.
To date, the asset has not been sold and industry sources advise that no parties of substance have expressed an interest in the asset.
CBRE's SImon Rooney declined to comment when approached by us today.
The other 50% interest in Carindale is owned by the separately listed Carindale Property Trust (ASX:CDP) which is currently trading at $3.69 per security, down -35% from the 22nd February 2020. SCentre who manage that Trust have not made any announcements in relation to the valuation, trading performance or potential sale of their co-owners interest in the asset.
Lend lease did not provide any update to the market on this key asset.
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